MRCB net profit falls to RM19.79mil

KUALA LUMPUR: Malaysian Resources Corporation Bhd’s (MRCB) net profit declined to RM19.79mil for the third quarter ended Sept 30, 2018 from RM30.58mil chalked up in the same period last year.

Revenue also fell to RM663.75mil from RM1.13bil previously.

For the nine months ended, MRCB’snet profit rosetoRM74.77mil from RM63.26mil recorded in the same period last year, on the back of a lower revenue of RM1.5bil from RM2.37bil previously.

“The higher revenue in 2017 was mainly due to the construction revenue derived from the regeneration and redevelopment of the National Sports Complex project which was completed in July 2017, as well as, tolling revenue from the Eastern Dispersal Link toll road, which was discontinued on Jan 1, 2018.

“Profit during the period under review was impacted by the deferment of LRT 3’s construction pro- gramme due to the project being re-modelled to a fixed price contract, resulting in the re-timing of income recognition from the project to future quarters,” it said.

On outlook, MRCB said it remained confident that its longterm prospects remained positive given the sound strategies put in place to enhance the sustainability of both its property development and investment, as well, as engineering, construction and environment divisions. — Bernama